“Warren said crowd-sourcing — in which technology is used to query large groups of people for answers to complex questions — could be used by the bureau to harness information from consumers.
“Imagine scanning a credit agreement and uploading to a website where software can analyze the text,” Warren said. “A consumer could help the agency spot new agreements on the market and customers who could get more information as they make decisions.”
She said the bureau could build on the precedent of the Credit Card Accountability and Disclosure Act, which requires card issuers to give their credit agreements to the Federal Reserve, which posts them on the Internet.
Warren was named in September as an assistant to President Barack Obama and a special adviser to Treasury Secretary Timothy F. Geithner to help shape the consumer agency that will be housed at the Fed.”
- The Wiki Consumer Watchdog, TIME